The timing of the Easter holiday, which was observed in last year’s first quarter but this year’s second, affected Weis Market’s first quarter results for the period ended March 29.
The company's sales for the quarter increased 0.6% to $687.1 million while its comparable store sales for the quarter decreased 1.3% compared to the same period a year ago.
During the same period, the company generated earnings per share of $0.55 compared to $0.75 per share in 2013. The company's first quarter net income totaled $14.8 million compared to $20.1 million in 2013, down 26.6%.
"We have met our first quarter sales goals. Adjusted for the Easter holiday shift, our sales increased 1.7% despite price reductions on thousands of items," said president and CEO Jonathan Weis. "We achieved our sales goal by reinvesting in sales through our Three More Ways to Save program, which has generated higher per customer sales and an increase in center store unit sales. These reinvestments are a key part of our long-term strategy to generate increased sales and market share."
Weis Markets operates 166 stores in Pennsylvania, Maryland, New Jersey, New York and West Virginia.